Darktrace, a cybersecurity company, announced today that US private equity firm Thoma Bravo would acquire it for $5.3 billion, making it the most recent company to leave the London Stock Exchange.
With the offer of 620p per share, the company is resuming its relationship with Thoma Bravo, with whom it had previously held informal takeover talks in 2022 before those conversations broke out. This represents a 20% premium over yesterday’s closing share price.
According to Thoma Bravo, the agreed-upon price of $7.75, or around 620 pence per share, is 44% higher than Darktrace’s average share price over the previous three months.
“Thoma Bravo has been investing exclusively in software for over twenty years and we will bring to bear the full range of our platform, operational expertise and deep experience of cybersecurity in supporting Darktrace’s growth,” he said.
Darktrace, a Cambridge-based company that debuted on the London Stock Exchange in 2021, aimed at the deplorable condition of the London public markets today, claiming that its financial successes “had not been reflected commensurately in its valuation” and that its shares were constantly undervalued in comparison to their US counterparts.
Darktrace said that the agreement with Thoma Bravo will speed up its international market expansion.
CEO Poppy Gustafsson said: “This proposed offer represents the next stage in our growth journey and I am excited by the many opportunities we have ahead of us.
“Our technology has never been more relevant in a world increasingly threatened by AI-powered cyberattacks.
“In the face of this, we are expanding our product portfolio, entering new markets, and focused on delivering for our customers, partners and colleagues.”
Newsng understands that Darktrace will also be able to sever links with billionaire investor Mike Lynch, who will profit around £170 million from his 4% share in the company, as a result of the agreement. We earlier reported that TabaPay, Inc., said that it has reached a deal to buy Synapse Financial Technologies, Inc.’s assets and affiliates.
